20th Oct 2006 09:04
SLOUGH ESTATES JOINS WITH THE AIRPORT PROPERTY PARTNERSHIP TO ACQUIRE 50 ACRE HEATHROW LOGISTICS CENTRE Slough Estates and The Airport Property Partnership ("APP"), the specialistjoint venture between BAA plc and Morley Fund Management, announce the creationof a new vehicle, the Colnbrook Industrial Limited Partnership, which hasacquired a 50 acre site immediately adjacent to the M25 and near the newTerminal 5 building at Heathrow Airport.The Airport Property Partnership is asset managed by BAA Lynton, a wholly ownedsubsidiary of BAA plc, who will also asset manage the Colnbrook IndustrialLimited Partnership.The site, which has been acquired from Argent for ‚£32 million, comprises a150,000 sq ft logistics centre leased to Heathrow Airport and an aggregatesfacility leased to Foster Yeoman. Argent, who were advised by Gowers, stillretain a further 215 acres at Colnbrook.The strategic location of the site, adjacent to Heathrow and the motorwaynetwork, makes it a natural fit for Slough's portfolio. Slough already owns 85hectares of land in the West London and Heathrow area, with 356,665 sq m ofbusiness space.Phil Redding, Slough's Regional Director for West London comments:"Slough is delighted to have formed a partnership with APP, and to have securedsuch a strategic site within the Heathrow market. The parties bring a uniquecombination of expertise and knowledge to the Partnership, which will helpensure its success." -ends- For further information please contact:Slough Estates plc Maitland Michael Waring Colin Browne / Peter Ogden Tel: 01753 213335 Tel: 0207 379 5151 Notes to editorsSlough Estates International is the leading European provider of flexiblebusiness space and owns business parks in Europe and North America, withproperty assets of ‚£5.6bn, with over four million square metres of businessspace and over 1,700 customers - all as at 30 June 2006. SEI has an annual rentroll of ‚£289m and the weighted average unexpired lease length is 11.9 years.Flexible business is space on industrial sites or business parks which is putto multiple uses, such as manufacturing, light assembly, distribution (both"small" and "big-box"), research and development, offices and warehousing.Slough Estates' properties are in suburban locations in close proximity to themain business centres, where there is long term demand for businessaccommodation to serve these key economic regions. The company continues todevelop new business parks with the long term objective of building shareholdervalue and enhancing its reputation for quality buildings offering excellentvalue to customers.www.sloughestates.comAirport Property PartnershipAPP is the UK's largest investor in airport related commercial property withgross assets of ‚£890 million. APP was created in March 2005 as a 50:50 jointventure between BAA plc and Morley Fund Management. The fund manager of APP isMorley Fund Management, the asset and development manager is BAA Lynton.Further details on the properties are available at www.baalynton.comBAA LyntonBAA Lynton is the commercial property division of BAA plc, which is the world'sleading airport company. BAA Lynton's principal role is to provide assetmanagement to APP, a joint venture between Morley Fund Management and BAA plc.Further details are available at www.baalynton.comMorley Fund ManagementMorley Fund Management Limited is the UK-based asset management business ofAviva plc. Firms within the Morley group of companies manage ‚£156bn fromoffices around the world as at 28 February 2006. The property team manages inexcess of ‚£23 billion of UK and European property assets, making Morley thelargest property fund manager in Europe.Awards * 2006, Outstanding Company of the Year Award, CEE Real Estate Quality Awards * 2006, Investor of the Year Award, CEE Real Estate Quality Awards * 2005, UK Pensions Awards Property Fund Manager of the Year * 2004, Property Week Fund Manager of the Year Award The property team consists of 70 investment professionals and manages a rangeof funds on behalf of institutional, pension and retail clients. Morley hasbeen at the forefront of innovation in property fund management and haslaunched eleven specialist sector based funds with partners, including theJersey-based Unit Trusts: Igloo Regeneration Fund, Quercus Healthcare Property,The Junction and The Mall. Visit www.morleyproperty.comENDSLOUGH ESTATES PLCRelated Shares:
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